Proof American Eagles Authorized
The United States Mint is required by law to produce bullion American Eagles to meet public demand, but there is no such condition for numismatic versions. The enormous popularity for bullion coins caused the cancellations of the collector proof and uncirculated versions in 2009. And with bullion Silver Eagle buying at an all-time high this year — nearly 25 million have already been purchased, the 2010 Proof Silver Eagles and the uncirculated counterparts are at risk of never seeing the light of day.
H.R. 6162 would give the U.S. Mint the flexibility to produce all American Eagle Silver and Gold versions, as recommended by Mint Director Moy during the July hearing. Provisions in the bill’s "Technical Corrections" section would amend Section 5112 of title 31, United States Code, by striking "quantities" and inserting "qualities and quantities that the Secretary determines are" sufficient to meet public demand. As the U.S. Mint resides under the authority of the Secretary of Treasury, the amended law would allow the Mint to produce uncirculated and proof American Eagles even when there is unprecedented demand for the bullion versions.
"I am encouraged to know that the Subcommittee is exploring the possibility of an amendment to the law that would afford the Secretary the authority to approve the minting and issuance of American Eagle Silver Proof and Uncirculated Coins even when we are unable to meet the public’s demand for the bullion versions of these coins," Director Moy testified in July.
"We can mint 200,000 per month, and if we can begin by September, we will be able to produce about 830,000 one-ounce silver American Eagle coins to meet collector demand for this product in the remaining months of 2010," Moy added.
For the Coin Modernization, Oversight, and Continuity Act of 2010 to become law, it must pass in the House and Senate, and get signed by the President. Under the best scenario, October would seem the earliest that could happen. As such, around 600,000 numismatic Silver Eagles could still be minted this year based on Moy’s forecasts.
